New Lease Accounting

While the new FASB and IASB lease standards are not converged, all companies complying with U.S. GAAP or IFRS will require capitalization on the balance sheet of nearly all lease commitments. For investors, this is expected to add prominence and transparency to off-balance sheet real estate and equipment financing arrangements. For preparers, it will add significant cost for implementation activities and new lease accounting systems.

A panel of experts from RGP and LeaseAccelerator draw upon real world implementations of ASC 842 to discuss:

1.Budgeting and Planning – How to estimate the project timeline and budget for implementation2.Leasing Data – How to inventory your leases, abstract the data from leases, and collect additional details from users3.Project Team – Who to involve on the core team and how to get participation from lines of business4.Testing – How to design test plans, select sample leases, and execute test plans to ensure accounting accuracy5.Controls – Which processes, policies, and controls to ensure internal controls over financial reporting6.Project Governance – How to approach communications with the CFO, CEO, and audit committee

Technology

Technology will likely play an important role in your company’s lease implementation efforts. Identifying where and how your lease related data is stored is a necessary first step. There are many tools in the market to assist in data abstraction, lease management and accounting. We have experience in helping companies select the most appropriate software for their needs, using an approach which begins with identifying the business requirements based on the company’s specific lease portfolio. We also have experience in implementing these packages and providing a full-service solution for your company.

Strategic Alliances

Through our partnerships, clients gain access to several of the most respected and established providers of leasing software and a talented pool of consultants able to assist with the software implementation. Contact us to schedule a demo.

CoStar

CoStar is the smart choice for cloud-based software and professional services that provide lease accounting, lease administration, portfolio, project and transaction management solutions. Focused on the compliance with the new lease accounting standards, the Lease Manager software provides the enterprise functionality needed to manage and report on real estate, equipment and other leased assets.

"We are pleased to align our proven lease accounting solutions with RGP. The combination of our Lease Manager product suite and the trusted advisors of RGP offer clients a proven combination for tackling compliance with the new lease accounting standards."

— Andy Thomas, President - CoStar Real Estate Manager

LeaseAccelerator

LeaseAccelerator offers the market-leading software-as-a-service (SaaS) for Enterprise Lease Accounting, the simplest, fastest and easiest path to compliance with the new FASB and IFRS standards. Using LeaseAccelerator’s unique Global Lease Accounting Engine, customers can apply the new standards to all types of leases – real estate, equipment, and embedded – at the asset level as specified by FASB and IASB. On average, the firm’s Sourcing and Management applications drive savings of 17 percent with smarter procurement and end-of-term management, enabling compliance plus ROI.